Failed Bank Information for City National Bank of New Jersey, Newark, NJ
On Friday, November 1, 2019, City National Bank of New Jersey (City National) was closed by the Office of the Comptroller of the Currency. The FDIC was named Receiver. No advance notice is given to the public when a financial institution is closed. Industrial Bank, Washington, DC acquired all deposit accounts and essentially all the assets.
At a Glance
Official press release
Available at quarter end
None paid to date
Beware of scams!
Please be advised you will not receive any email notification to claim, unlock or suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
If you had a deposit account:
The full balance of all deposit accounts has been transferred to Industrial Bank.
You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.
If you had a loan:
You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change.
If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.
If your loan is currently in process or you had a line of credit, contact your loan officer.
If you are owed money for a service or product provided:
You may be eligible to file a claim against City National.
If you have not been paid for services rendered prior to November 1, 2019, please refer to the Filing Claims section below.
Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
ACQUIRING INSTITUTION: INDUSTRIAL BANK
About Industrial Bank
All deposit accounts, including brokered deposits, have been transferred to Industrial Bank, Washington, DC ("assuming institution") and will be available immediately. The former City National locations will reopen as branches of Industrial Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at Industrial Bank for at least six months after the failure of City National. Checks that were drawn on City National that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.
All interest accrued through Friday, November 1, 2019 will be paid at your same rate. Industrial Bank will be reviewing rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Industrial Bank as long as the deposits are not pledged as collateral for loans.
Contacting Industrial Bank
You can contact Industrial Bank:
4812 Georgia Avenue NW
Washington, DC 20011
Industrial Bank (www.industrial-bank.com)
Purchase & Assumption Agreement - PDF
Agreement between FDIC and the acquiring institution
Report on the bids to purchase the failed bank
As an All Deposits transaction, the total of all deposit accounts, including brokered deposits, has been assumed by Industrial Bank.
Automatic Payments/Bill Pay/Online Banking
These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by Industrial Bank.
ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). Industrial Bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.
All direct deposits, for example, social security checks, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.
Overdraft Lines of Credit
These lines have been transferred to Industrial Bank. Please contact Industrial Bank if you have additional questions regarding your accounts.
Safe Deposit Boxes
You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by Industrial Bank.
Tax Reporting - 1098 and/or 1099
Industrial Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
If you or your company provided a service or product, leased space, furniture, or equipment to City National prior to November 1, 2019 and have not been paid, you may have a claim against City National.
All creditors having claims against City National must submit their claims to the Receiver online or by mail:
FDIC as Receiver for City National
Please note: There are time limits for filing a claim. Your claim must be filed on or before
Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
FOR STOCKHOLDERS OF City National Bancshares Corporation
All shares of City National are owned by its holding company, City National Bancshares Corporation, Newark, NJ. The holding company was not included in the closing of the bank or resulting receivership.
Contacting the Holding Company
If you are a stockholder, please do not contact or file a claim with the Receiver. You must contact the holding company directly:
City National Bancshares Corporation
625 Broad Street
Newark, NJ 07102
Questions About This Closing
Contact the FDIC Customer Service Department at (888) 206-4662.
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